Stock Markets
Daily Stock Markets News

Edtech unicorn PhysicWallah lays off 120 employees: Reports

PhysicWallah has laid off 120 employees based on a cyclical performance review, reports said on November 19, days after speculations were rife that the edtech unicorn has asked scores of its staffers to exit the company.

The decision to lay off the 120 employees was taken following a mid-term appraisal analysis in October, the Economic Times reported, citing a top official of the company.

The official was responding to the newspaper’s query on social media posts that made unverified claims of around 500 staffers being laid off by PhysicsWallah.

Entrackr, which was first to report the development, quoted Satish Khengre, chief human resources officer of PhysicsWallah, as saying that “less than 0.8 percent of our workforce, ranging from 70 to 120 individuals with performance concerns—may be asked to transition” based on the performance review for the period ending in October.

Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!

Also Read: He rejected 75-crore salary, now owns India’s latest unicorn PhysicsWallah

The company is planning to hire 1,000 more employees in the period of next six months, Khengre told ET, adding that the plan reinforces its commitment to growth.

Notably, PhysicsWallah turned unicorn last year, after it raised $100 million from WestBridge Capital and GSV Ventures at a valuation of $1.1 billion. The company was founded in 2020 by Youtube teacher Alakh Pandey.

The company had reported a net profit of 97.8 crore in FY22, 14 times higher as compared to 6.93 crore in the previous financial year. The standalone operational revenue jumped nine-fold to 232.48 crore.

Pandey, while speaking to Moneycontrol last year, said the company expects revenue to top 1,200 crore in FY23, the margin of earning before interest, taxes, depreciation and amortisation (EBITDA) coming in at 40-45 percent.

Milestone Alert!Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.

Read More: Edtech unicorn PhysicWallah lays off 120 employees: Reports

Notify of
Inline Feedbacks
View all comments

Get more stuff like this
in your inbox

Subscribe to our mailing list and get interesting stuff and updates to your email inbox.

Thank you for subscribing.

Something went wrong.